Federal Reserve Govenor Michelle W. Bowman on CBDC and FedNow

Hello ATS,

On Wednesday, August 17th Michelle Bowman made some comments on the future direction of monetary transactions to be introduced mid 2023. I'm not going to present myself as an expert on current monetary policy. The basis for this thread is to learn what this all entails.

The article can be found here. Speech by Governer Bowman

If a video is more your preferred style of receiving information you can watch this person's opinion on this news below. This Youtube contributer is named Uneducated Economist. I am not affiliated with him in any way.



Some interesting points I found were his idea's on how they will get cash out of the system. If you are the type of person that keeps large sums of money on hand in a safe or a mattress, having a fee to deposit this money would be a significant deterent in my opinion to keeping cash. On the other side, if you plan to do business in cash, whomever pays you in cash will have to have the fee to deposit the money built in. The other interesting thing is his opinions on how this new digital currency could be rationed out so you can only use some at restaurants or grocery stores in order to limit the amount you can spend in those locations.

If they can limit or ration where you can spend your money, they can also shut your access off. I can't imagine a crisis that would be so bad people would be willing to accept a system like this but I think the writing is on the wall something like this is going to happen.

Thoughts?

ITS COMING, THANKS TO BILL GATES AND SOROS...a reply to: litterbaux

a reply to: litterbaux

Any digital currency Controlled by Governments Will be Destined to become a Form of Economic Slavery . You can Bank on it.......

a reply to: Zanti Misfit

In your opinion, is there anything we can do in the next year to stave off the potential negative impacts of this?

Cash in the future is going to be a liability if you are charged to deposit. Money sitting in the bank will be a liability if you have negative interest rates. Perhaps acquiring land would be a good option at this time? What will happen to gold/silver? If they can control what you can buy they can obviously control what you can sell so is anything worth having?

The more I think about this the more dire this is all seems. If they want to ban firearms or ammunition, they just make that transaction not possible. Sure the dollar will still be floating around in circulation for years after this change but eventually, it will be gone.

Our company, in BC Canada, is already charged 2% on cash deposits
and has been that way since Trudeau and company took over.
We actually have to keep the cash and pay the cash invoices our selves with a company debit card
to save the fees and then spend the cash locally to venders that still take it.

YAY, Progress.

a reply to: litterbaux

a reply to: litterbaux

Hmm.... Ever hear of the " Black Market " ? It has Existed for Over 10.000 Years Now..........

originally posted by: abigredneck
Our company, in BC Canada, is already charged 2% on cash deposits
and has been that way since Trudeau and company took over.
We actually have to keep the cash and pay the cash invoices our selves with a company debit card
to save the fees and then spend the cash locally to venders that still take it.

YAY, Progress.

a reply to: litterbaux

You won't see many people paying with cash if this moves forward. If there is a fee to withdraw cash there is no reason to do so as a consumer.

This change, if implimented in Canada, would be a benefit for your company. Why would anyone withdraw $500 and actually recieve $490 then use that cash to buy something when you can just use the CBDC and get the full $500 purchasing power? They won't.

I truly believe this is how they are going to get us to a cashless society.

originally posted by: Zanti Misfit
a reply to: litterbaux

Hmm.... Ever hear of the " Black Market " ? It has Existed for Over 10.000 Years Now..........

And prostitution is the oldest profession. There will be many ways to exist outside the system but is that something you want? Certainly living off grid is a way to circumvent some of these changes but it's hard work and at some point you will need to buy something or get medical care.

There must be some countermeasures we can take now to limit the impact if this change happens. Do you have any ideas?

People need to learn to enjoy getting buttered up and then frozen 😀

originally posted by: xuenchen
People need to learn to enjoy getting buttered up and then frozen 😀

Do you have any more detail on what you're talking about?

I do not think it's time to head up north to do some home improvements, if that's what you mean.

a reply to: litterbaux

" Do you have any ideas? "

Yes , a Simplistic one . Change the System . Revolutions Usually Accomplish that .

originally posted by: Zanti Misfit
a reply to: litterbaux

" Do you have any ideas? "

Yes , a Simplistic one . Change the System . Revolutions Usually Accomplish that .

I think you need to really think about what you are saying and promoting. A revolution in this country would have a negative impact, long term, on every single American. It would be dire circumstances for most.

Most American's have no actual skills. They cannot farm, they cannot raise a garden, they cannot build/fix anything, they cannot lead effectively, they cannot raise and care for animals, they cannot procure safe drinking water, they cannot protect themselves or their families, they do not live in a safe, sustainable environment and they cannot sustain themselves without daily interaction with services.

Of course you have pockets of people that can do these things effectively but if you tear down the fabric of society, all will be lost.

I've heard a lot of people talking about the possibility of a civil war in our future. We need to prevent this scenario at all costs, this will not be good for anyone. If it comes down to it, so be it but this shouldn't be the knee jerk reaction to our problems.

a reply to: litterbaux

The idea of a full digital currency is their wet dream.

It will be your "ration card" and ESG score card. They can control how much you are allowed to spend on just about everything. They can control what you can and cannot buy and how much you are allowed.


You can only buy X pounds of chicken. You cannot buy things they do not want you to (guns and ammo bad). Nope, your ration of gasoline has been exceeded. No more for you this month.

Oh, that charity is not allowed. It has been banned by Twitter and Facebook


www.abovetopsecret.com...

In many cases, people are generally unaware that they even have an ESG score unless they happen to come across it in the process of doing something totally unrelated.

A few different things will determine your personal ESG score, many of which can be discovered via your regular credit report and other public records. Your purchase history and also your sales history will have a dramatic effect on your ESG rating as a person.

there will come a time where too low of a score can result in denials for loans or services similar to the way credit scores currently function.

The charities that you support will also increase or even decrease your ESG score. The platform will track your personal impact in the environment around you through various means, which will also be used to calculate your individual ESG score.

The purpose behind each person being assigned an individual ESG score is to help reward actions that will help move the world towards sustainability.

For those who have already started using ESG scores as part of their business model, some people with good scores may notice lucrative offers, easier loan terms, and even targeted packages designed to reward green or sustainable behaviors.

After segmenting each section, a value will then be assigned to each. Some areas have a heavier weight than others. For example, if you invest in green programs and also avoid eating meat, it will have a heavier weight than your use of electricity in your home daily.

Buying a gun, alcohol, or even clothing will all affect your overall ESG score. Not only will your purchases matter, but who you purchase from and how they do business.

Your political affiliations also factor into your personal ESG score. Aside from the politics in governance, the party you support and even the person you vote for will make your score go up or down based on that person’s actions, policies, and voting habits.

The type of car you drive, how often, and even how many people are in the car when you drive will also come into play when deciding your score.

Unlike credit scores with a clear method of tabulation, cause, and effect, ESG scores depend on a wide variety of factors that most people have yet to consider.

a reply to: infolurker

You made me think of something. If they gave every person an ESG score then tied that to how much "allowence" you get on your CBDC implant, that would be an interesting dynamic of social structure.

By allowence I mean how much and where you spend.

A revolution doesn’t have to completely restructure society. Just trim the deadwood from the tree and kill the parasites.

I think there’s hope for the tree of liberty yet.

a reply to: litterbaux

originally posted by: Zanti Misfit
a reply to: litterbaux

Any digital currency Controlled by Governments Will be Destined to become a Form of Economic Slavery . You can Bank on it.......

SORRY TO TELL YOU ALL BUT I JUST TALKED TO A JAPANESE BANKER, IT IS SLOWLY BEING EMTIMENTED IN jAPAN.

WE WILL NOT GET A ONE WORLD GOVT, BUT A ONE WORLD BANKING STYSTEM. THAT IS THE NEW MIM STREET TALK.

He also said it is all electronic so the system can and will collapse, too.

originally posted by: Dalamax
A revolution doesn’t have to completely restructure society. Just trim the deadwood from the tree and kill the parasites.

I think there’s hope for the tree of liberty yet.

a reply to: litterbaux

You honestly think we could stop at "trimming the deadwood"? People were burning cities over George Floyd, if a serious revolution broke out we are in for some trouble, population wise. The summer of love X100.

I'm not saying that is going to happen, I'm trying to prevent it. Please, for the love of God, help me here.

The summer of love was a mob thing. A mob won’t behave like a group of individuals would, however it’s behaviour is predictable.

Imagine the rioters have a clear and unchanging goal to accomplish. Instead of the fluidity of purpose that epitomised the recent disturbances you would have a militia with an achievable purpose and a defined lifespan.

That militia would disband into a group of free and satisfied citizen when it’s task is complete.

It’s when a mob has an open ended goal, ie we ain’t gunna stop burning # till we get everyone to agree with us, that mobs get creative and self perpetuating.

a reply to: litterbaux

ESG issues were first mentioned in the 2006 United Nation’s Principles for Responsible Investment (PRI) report consisting of the Freshfield Report and “Who Cares Wins.” ESG criteria was, for the first time, required to be incorporated in the financial evaluations of companies. This effort was focused on further developing sustainable investments. At the time, 63 investment companies composed of asset owners, asset managers and service providers signed with $6.5 trillion in assets under management (AUM) incorporating ESG issues. As of June 2019, there are 2450 signatories representing over $80 trillion in AUM.
During the 2017 proxy season, State Street Global Advisors (SSGA) voted against the re-election of directors at 400 companies that SSGA said failed to make any significant effort to appoint women to their all-male boards.
The World Economic Forum (WEF) and the International Business Council (IBC), under the Chairmanship of Brian Moynihan (CEO of Bank of AmericaBAC -2.2%), alongside the Big Four accounting firms (Deloitte, PwC , KPMG, and Ernst & Young) are accelerating the ESG transformation through the establishment of a set of standardized measurements of 22 specific metrics to an organized framework for companies to report their results in a new “stakeholder capitalism” approach.

[www.forbes.com...]

It looks like it would be pretty easy to blackball a business that wasn't going along with whatever agenda TPTB want to push. They're trying to fast-track the personal ESG, so eventually I see the day coming where you either blackball places on the 'do not shop' list, or your score drops considerably.
Can you imagine having to check an app to see if it's okay to buy a pair of shoes from 'store X' so you don't lose privileges?

a reply to: Dalamax

Thank you for that contribution. If I'm smelling what you're stepping in, an unknown objective will garner more support but will have little vision therfore easily dispersed. While a group with a known objective, even with small numbers, will gain control of the situation.

Is that what you mean?